# UK insurers must have people with actuarial knowledge judge the data, check estimates against experience and report to the board on how reliable the reserves are

Page: https://flyvolo.ai/en/changes/ev-20241231-actuary-3
Date: 2024-12-31 · Stage: Constraint
Can this record move a task judgement? yes
Occupation: https://flyvolo.ai/en/careers/actuary

## Scope

United Kingdom, insurers under the PRA's Solvency II rules. The rulebook says the actuarial function must be carried out by persons with knowledge of actuarial and financial mathematics; that it must assess the sufficiency and quality of the data used in technical provisions and compare best estimates against experience; that information to the governing body must include a reasoned analysis of the reliability and adequacy of the calculations and the degree of uncertainty; and that it must produce a written report to the governing body at least annually. It does not name a professional qualification, and it does not require the data to be prepared by hand.

## Source

- Prudential Regulation Authority — PRA Rulebook, Conditions Governing Business, Chapter 6 'Actuarial Function' (rules 6.6 and 6.9 dated 31/12/2024) — https://www.prarulebook.co.uk/pra-rules/conditions-governing-business (primary source)

## What this means

In UK insurance, judging whether the data is good enough and explaining to the board how far to trust the reserves is legally a person's job.

## What it does not show yet

UK insurers only; the rule keeps the judgement with people, not the preparation of the data.

## How to verify it yourself

Open Chapter 6 of the PRA's Conditions Governing Business and find "must be carried out by persons who have knowledge of actuarial and financial mathematics".


More: https://flyvolo.ai/llms.txt